Foreclosures (2012 Robosigning and Mortgage Servicing Settlement)

News about Foreclosures (2012 Robosigning and Mortgage Servicing Settlement), including commentary and archival articles published in The New York Times.

Chronology of Coverage

Mar. 30, 2015

Tens of thousands of homeowners across country who have failed to make mortgage payments for more than five years are set for reprieve as statutes of limitations expire; cases, in states where judges must sign off on foreclosure, have been prolonged by legislative changes, shoddy paperwork and other factors related to housing collapse; lenders still have significant legal recourse and have pushed cause to State Supreme Court in Florida. MORE

Feb. 1, 2015

Gretchen Morgenson Fair Game column examines court decisions in Missouri and New York against Wells Fargo for foreclosure abuse; holds that while decisions are heartening, they are exceptional cases in a dysfunctional foreclosure machinery that continues to grind on, hurting borrowers across nation. MORE

Jan. 30, 2015

Hundreds of Detroit residents gather at city's Cobo Center to voice arguments against foreclosure notices that could force them from their homes; Wayne County officials note that some 62,000 Detroit homes will be subject to foreclosure in 2015 due to unpaid taxes; scene at convention hall paints desperately gloomy portrait of city's fortunes, even as leaders attempt to institute revivals plans in wake of bankruptcy. MORE

Nov. 27, 2014

U.S. Bank, a division of U.S. Bancorp, is being accused of failing to engage with borrowers who missed payments. MORE

Nov. 16, 2014

Gretchen Morgenson Fair Game column warns of the re-emergence of robo-signers, automatons who authenticate foreclosure documents without verifying them, as Fannie Mae pursues mortgage deficiencies in Florida. MORE

Sep. 3, 2014

In Ferguson and other close suburbs of St. Louis, out-of-state investment firms have bought distressed homes to rent them out, a consequence of foreclosures from the financial crisis. MORE

Aug. 17, 2014

Lisa Prevost Mortgages column cites study showing that extending jobless benefits helps prevent mortgage defaults, even more than government programs meant to halt foreclosures by focusing only on reducing monthly payments; graph of mortgage rates in the New York region. MORE

Aug. 13, 2014

The recovery in housing is creating a market for bonds that are backed by the mortgages on homes on the verge of foreclosure. MORE

Jul. 8, 2014

Report by the Federal Reserve says that homeowners have received $3.1 billion in cash under a federal settlement with 13 big banks over allegations of misconduct in processing mortgages that may have resulted in wrongful foreclosures. MORE

Jul. 1, 2014

Federal prosecutors announced a $10 million settlement, accusing the British bank of fraud over the way it submitted fees when foreclosing on homeowners. MORE

Jul. 1, 2014

Michael Powell Gotham column on Stanley Theodore of Springfield Gardens, Queens, Vietnam veteran and retired postal worker fighting for his home after falling behind on mortgage payments; Theodore shares story of how Countrywide refused to cash three late checks while he waited for his pension to kick in, and then convinced him to sign over his mortgage, falsely promising him that his debt would be resolved before initiating foreclosure proceedings. MORE

Jun. 27, 2014

Tens of thousands of Detroit residents are on verge of losing their houses to foreclosure and being forced to leave, even as city is struggling to stem flood of departures that has added to its decline; at least 70,000 foreclosures have taken place since 2009, and over than 43,000 properties were subject to foreclosure in 2014; adding to problem are high rates of poverty, high taxes and lackadaisical tax collection by city. MORE

Jun. 3, 2014

Massachusetts Atty Gen Martha Coakley files suit against Fannie Mae and Freddie Mac to force the two mortgage finance giants to comply with state antiforeclosure law passed in 2012; is seeking to force Fannie and Freddie to allow homes with mortgages they back to enter buyback programs, which are aimed at reducing debt of homeowner while saving lender cost of foreclosure and eviction. MORE

May. 31, 2014

Floyd Norris Off the Charts column notes banks have sold more single-family homes since 2008 than builders have, selling homes taken from owners who could not meet their mortgage obligations; banks are selling more than 20 percent of homes that change hands in eight major metropolitan areas. MORE

Apr. 30, 2014

A new report from a banking regulator offers a snapshot of the morass of problems that mortgage holders who fell behind in payments experienced during the financial crisis. MORE

Apr. 27, 2014

A Wall Street executive who helped Goldman Sachs make more than a billion dollars betting against mortgages now wants to buy up troubled home loans. MORE

Apr. 27, 2014

Chuck Klosterman The Ethicist column answers questions about defaulting on mortgage while in foreclosure and using a college ID for discounts after college. MORE

Mar. 19, 2014

Report by settlement monitor finds that nation’s four largest banks, Bank of America, JPMorgan Chase, Citigroup and Wells Fargo, have more than fulfilled their financial obligations toward homeowners under a $25 billion nationwide mortgage settlement reached in 2012. MORE

Mar. 9, 2014

Lisa Prevost Mortgages column notes buyers looking for a deal on a foreclosed property have good reason to scroll through the thousands of homes listed by Fannie Mae; says mortgage giant offers not only low-down-payment financing and priority status for owner-occupants but also closing-cost assistance to qualified buyers; graph of mortgage rates in New York region. MORE

Feb. 18, 2014

Shoddy paperwork, erroneous fees and wrongful evictions — abuses that previously dogged the nation’s largest banks — are now cropping up among mortgage servicers that collect payments. MORE

Feb. 10, 2014

New York State Atty Gen Eric T Schneiderman is expected to outline legislation that he hopes will force banks to take responsibility for so-called zombie properties, houses that have been abandoned before banks have finished foreclosing on them; New York State has roughly 15,000 zombie homes and leads the nation in the time required to foreclose on a home, at almost three years. MORE

Jan. 17, 2014

Residents of 9 Bleecker Street in Manhattan, three-story brick building that has served as bastion of social activism and countercultural activity of Youth International Party for 40 years, are being forced to move because of foreclosure proceedings. MORE

Jan. 14, 2014

Michael Powell Gotham column; New York Attorney Gen Eric T Schneiderman and Gov Andrew M Cuomo diverge sharply on what to do with $613 million JP Morgan Chase has agreed to pay New York State in mortgage-related settlement; Schneiderman wants to use money to write down thousands of troubled mortgages, while Cuomo aides hint that money should get funneled into state treasury to help pay for thick menu of election year tax cuts. MORE

Jan. 12, 2014

Richmond, Calif, Mayor Gayle McLaughlin wants to prevent foreclosures by using the power of eminent domain to buy and refinance underwater mortgages, but notion is infuriating financial firms. MORE

Jan. 5, 2014

Lisa Prevost Mortgages column notes the Federal Housing Finance Agency, cancelling adverse-market fee instituted in 2008, has left it in place in Florida and tristate area; says change may translate to slightly higher borrowing costs for consumers in New York, New Jersey and Connecticut; graph of mortgage rates in the New York region. MORE

Nov. 24, 2013

Lisa Prevost Mortgages column notes the number of American borrowers who are seriously behind on their mortgage payments has continued to decline, as has foreclosure rate; graph of mortgage rates in NY region. MORE

Nov. 16, 2013

More cities are joining the effort to head off home foreclosures by using a twist on the power of eminent domain, despite threats of financial retaliation from Wall Street and Washington; tactic revolves around city buying underwater mortgages and, if owners of the mortgages--mostly banks and investors--balk, using eminent domain to condemn the property and buy them. MORE

Nov. 13, 2013

JP Morgan Chase & Company is auctioning immense and opulent Fayetteville, Ga, home that was once owned by heavyweight champion Evander Holyfield before it went into foreclosure in 2012. MORE

Oct. 17, 2013

Report by banking monitor Joseph A Smith Jr says $25 billion national mortgage settlement, intended to help homeowners affected by housing crisis, appears to be running ahead of schedule; notes number of households helped by settlement has fallen short of original predictions; critics complain too much relief has been given to people who gave up their homes in short sales and not enough to help those who retain their homes. MORE

Oct. 6, 2013

Catherine Rampell It's the Economy column notes that wealthy investors who bought foreclosed homes during 2008 housing crisis are flipping them at a profit now; observes this phenomenon, which has made many homes today unaffordable, highlights how the financial crisis has benefited America's upper class while brutalizing the middle class. MORE

Oct. 1, 2013

The lawsuit is expected to accuse the bank of flouting the terms of a multibillion-dollar settlement aimed at stanching foreclosure abuses. MORE

Sep. 14, 2013

Editorial warns foreclosure abuses are continuing to victimize homeowners despite fact that such practices were supposed to end following massive 2012 settlement by large banks; calls attention to lawsuit filed by Illinois Atty Gen Lisa Madigan accusing Safeguard, largest company in industry, of particularly egregious foreclosure practices. MORE

Sep. 9, 2013

Property-management companies are coming under fire for using questionable and possibly illegal tactics in their work for banks. MORE

Jul. 30, 2013

Richmond, Calif, hopes to use power of eminent domain to help homeowners stay in their homes; scarcely touched by nation’s housing recovery and tired of waiting for federal help, Richmond is poised to become the first city in the nation to try legal tool as a way to stop foreclosures. MORE

Jul. 28, 2013

Lisa Prevost Mortgages column notes foreclosure prevention advocates are urging Gov Andrew M Cuomo to sign legislation that would prevent lenders’ lawyers from leaving foreclosed homeowners in a state of legal limbo; says currently many borrowers must wait months or even years before having their day in court. MORE

Jun. 12, 2013

Jun. 9, 2013

A building on Bleecker Street in Manhattan, known for decades as a nerve center of the Yippies, is now the subject of foreclosure proceedings. MORE

Jun. 8, 2013

Bank of America issues foreclosure notice for the troubled Nashville Symphony’s hall, which owes bank $82.3 million, but orchestra officials say they hope to avert an auction. MORE

Jun. 2, 2013

Ben Austen article on Anti-Eviction Campaign, guerrilla activist group founded by Willie Fleming, which helps homeless people move into the empty, foreclosed homes in Chicago's poorest neighborhoods. MORE

May. 31, 2013

Obama administration announces extension through 2015 of the Making Home Affordable program, its principle vehicle for helping distressed homeowners to obtain mortgage modifications and avoid foreclosure; renewal comes despite signs of housing revival. MORE

May. 14, 2013

Michael Powell Gotham column observes that New York City politicians are not the equals of their constituents, with many officials embroiled in scandals; notes that a Brooklyn woman who is trying to keep from losing her home, is getting little assistance from elected officials. MORE

May. 9, 2013

Editorial contends government efforts to hold banks accountable for mortgage and foreclosure abuses remain far too weak; welcomes New York Atty Gen Eric Schneiderman's plan to sue Wells Fargo and Bank of America for failing to adhere to settlement designed to provide relief for homeowners; urges other prosecutors to follow Schneiderman's lead, since potential for continued abuses still exists. MORE

May. 8, 2013

Almost 100,000 homeowners got checks for less than they were owed under the settlement with the nation’s biggest banks. MORE

Apr. 20, 2013

Editorial calls on federal authorities to appoint an independent monitor with power to oversee implementation of $9.3 billion settlement with big banks over illegal foreclosure practices; cites debacle in which borrowers were unable to cash checks issued to them under settlement. MORE

Apr. 17, 2013

Homeowners found this week that checks issued as part of a settlement over foreclosure abuses failed to clear. MORE

Apr. 3, 2013

Private consultants and federal regulators are facing a fresh round of scrutiny by the Government Accountability Office after botching a review of foreclosures. MORE

Mar. 30, 2013

More than 143,000 home mortgages are in arrears in Ireland, but forced repossessions have been politically and legally difficult; situation could change as law is being amended to overturn a legal ruling that has been restricting banks’ right to repossess property. MORE

Mar. 3, 2013

Banks uncovered the foreclosures, which eclipse earlier estimates, in an analysis done as part of a multibillion-dollar settlement deal with federal authorities. MORE

Feb. 25, 2013

Editorial expresses outrage over findings that banks have been structuring mortgage relief in ways that help their own balance sheets rather than homeowners; decries that after settlement between nation's biggest banks and state and federal officials over claims of foreclosure abuse, hard-pressed borrowers have yet to see any significant mortgage relief. MORE

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Wayne County officials have warned that 62,000 Detroit properties are subject to foreclosure, and hundreds of residents who are behind on their property taxes and face foreclosure sought help to save their homes.

A bond made up of subprime mortgages was created by Goldman Sachs in 2007 as an investment vehicle. But many of those loans went into default right away and the bond has been toxic ever since. Many of the mortgages have been modified, refinanced to pull them out of trouble, or went into foreclosure. Still, 10 percent of the loans are actually larger than they started out, an indication that the loan is stressed, while the other 90 percent have shrunk as they have been modified and/or paid down.